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07/03/2024

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Cardano Price Set To Skyrocket, Amid Strong Investor Confidence In ADA 

Cardano (ADA), with a market cap of $14.8 billion, has recently surged showing signs of a potential recovery after finding strong support at $0.3800. It has surpassed key resistance levels of $0.4150,...

Cardano Price Set To Skyrocket, Amid Strong Investor Confidence In ADA 
cardano price

Cardano (ADA), with a market cap of $14.8 billion, has recently surged showing signs of a potential recovery after finding strong support at $0.3800. It has surpassed key resistance levels of $0.4150, outpacing Bitcoin and Ethereum. 

Despite hitting a high of $0.4225, ADA is currently consolidating its gains. However, what’s catching attention isn’t just ADA’s price action, but also the steadfast confidence of its investors amid market fluctuations.

Despite facing downward trends in June, ADA investors have remained strong in their holdings. The Mean Coin Age, a metric indicating the average duration coins are held, has consistently risen. 

This increase suggests that investors are holding onto their ADA for longer periods, indicating strong confidence in the cryptocurrency’s future performance. This extended holding pattern could potentially lead to substantial profits for investors. 

The rise in Mean Coin Age highlights investors’ strong confidence in ADA’s prospects, despite market volatility. According to the Global In/Out of the Money (GIOM) metric, ADA faces potential losses on approximately 1.7 billion ADA purchased between $0.39 and $0.42, totaling $683 million. 

If ADA’s price continues to rise, this supply could turn profitable, potentially attracting more investors and bolstering ADA’s resilience in a bearish market.

Cardano Price To Reach $0.50

If the price goes up again, it might face resistance around the $0.420 area. The first hurdle is at $0.4225 and the next important resistance could be around $0.4450. 

If the price manages to close above $0.4450, it could start a strong upward movement. Meanwhile, in that scenario, the price could rise towards the $0.4850 level. Further gains might even push it towards $0.50.

Is Correction Looms Ahead For ADA

Looking ahead, if ADA fails to breach the $0.4225 resistance level, it may face further downside. Meanwhile, instant support is expected around $0.4120, followed by major support near $0.4080 and the second trend line. A drop below $0.4080 could lead to a test of $0.400, with additional support near $0.3880.

As of now, ADA is trading at $0.4138 reflecting a surge of 1.5% seen in the last 24 hours with a market cap of $14.8 billion. 

Read Also: Santiment Reveals Top Three Altcoins to Buy in the Midterm

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